Pandora now considers itself the most-recognized global jewelry brand, vaulting over longtime champs Swarovski and Tiffany, CEO Anders Colding Friis said in a recent presentation for the financial community.
“We are now the number one jewelry brand in the world,” he said. “In 2017, we beat the competition and became number one. Until then, we have been number two.”
According to a Pandora global tracker, which measures the top 25 markets, aided awareness of Pandora is now at 83 percent, up from 80 percent the prior year. According to the company’s figures, that tops the world’s other leading jewelry brands Swarovski (80 percent awareness) and Tiffany & Co. (71 percent).
Other noteworthy points from Pandora’s presentation:
– Friis admitted the company has stumbled a bit in the United States. He called the U.S. retail market “challenged,” but said Pandora sees opportunities to expand its retail presence, particularly in the West, Florida, and the New York area. It wants to accelerate the pace of new product offerings in the United States.
– Pandora will continue to close unbranded accounts and move multibrand retailers into shop-in-shops. Last year, it closed 700 unbranded accounts.
– While the company wants to continue to operate franchise stores, it also plans to take over 75 to 150 stores annually. That process has begun in the United States. Friis added that Pandora plans to concentrate on owned-and-operated stores in the future, rather than franchises.
– The company singled out three reasons that women favor jewelry: self-expression, “a physical reminder of emotions,” and “a love for beautiful things.”
“Women put a direct correlation with the jewelry their partners buy for them and how much their partners love them,” said chief marketing officer Minna Philipson. “I don’t know if any of the men in the room have tried to celebrate an anniversary with a sweater. We see that wouldn’t work. [An anniversary gift] can’t be plastic, it can’t be mass-produced, it can’t be something that doesn’t feel emotional.”